Anyone have multi Foreclosures and able to repair credit???

[253BK]

we had 3 houses go back before we filed and then only about 30K in cc debt's I was just wondering if anyone else was close to this and how they made it out after discharge???

Did anyone buy a car what kind of rate did you get? Any cards? Rates?

Just wondering we are about 50 days out of discharge and we own both of our cars outright worth a good bit but I was thinking just go trade one in and get something new with a loan to help build our credit back up to where we once were... Not to go crazy or anything just to have it incase...

[JRScott]

You can't take on new debt prior to your bk case closing without the trustees approval.

You will recover in time but the last thing you need to worry about right now is getting into more debt. You will not qualify for a Federal loan guarantee on a mortgage for 2 years.

[253BK]

So after you discharge you cant get credit unless approved by the trustee??? WOW I didnt know that... All I was going to do is trade in my wifes car worth about 14K and we own it outright I was just going to purchase another one around 17500 just to have a small auto loan and start to get new credit reporting

WOW I am in shock that even after you have to get permission... Thanks for the input

[debtmonster]

So after you discharge you cant get credit unless approved by the trustee??? WOW I didnt know that... All I was going to do is trade in my wifes car worth about 14K and we own it outright

How did you have a car with that much equity so quickly after a discharge?

[Calthius]

Most likely wild card exemption and unused homestead.

[debtmonster]

I think we have up to $10,000 in exemptions since our house is being included in the bankruptcy. Without the house, they would limit us down to $1,000 per person. So if we wanted to go bankrupt and keep our house, they would probably take all of the assets we listed once the total got over $2,000.

How do they take stuff? Do they send a van over and start picking stuff up or they make you sell it on your own and give them the money?

[253BK]

Yes no house and had to pay off 23K to IRS before the trustee would let us move on which we did in 8 months of chp 13 so we will see how this all plays out

[dingdong]

You can apply for new credit after you are discharged.
You need permission to obtain new credit if you are in an active Chapter 13 plan.
However, diving back into the credit world right after BK may prove a bit difficult and somewhat reckless. I would suggest a secured CC with a small balance rather than a new installment loan and obtaining new debt when you have two paid off autos. Revolving credit actually seems to improve your scores more anyway than installment loans.

[JRScott]

So after you discharge you cant get credit unless approved by the trustee??? WOW I didnt know that... All I was going to do is trade in my wifes car worth about 14K and we own it outright I was just going to purchase another one around 17500 just to have a small auto loan and start to get new credit reporting

WOW I am in shock that even after you have to get permission... Thanks for the input

After discharge and closing you could do that.

[debtmonster]

I thought you were legally allowed to get credit as long as you are 60 days past the day you filed for bankruptcy?

[dingdong]

You could feasibly, I believe apply for credit while you are in a Ch 7, but who is going to want to mess with the auto stay and not bill you while you are in BK?

I am not sure if there is any law that says you can't apply for credit in an active 7, but I am sure the stay would come into effect and cause issues for any creditor, so I don't believe applying for credit while in a Ch 7 would get you anywhere. Plus what type of creditor would issue credit to anyone knowingly in an active BK?

Once discharged the stay is over and a creditor can issue credit without the restrictions of the stay.

[JRScott]

I thought you were legally allowed to get credit as long as you are 60 days past the day you filed for bankruptcy?

You're gonna push yourself into trouble. Under no circumstance would I recommend taking on any debt prior to the 341 meeting. Remember Trustee's can dismiss cases based on the totality of circumstances, and buying a new car while in a bankruptcy shows that you had the ability to pay some money to some creditors and he could use totality of circumstances to dimiss your case or convert to a chapter 13. For high debt it is not uncommon for them to ask for bank statements and paystubs from the time of filing to the 341. So I certainly wouldn't give them any ammunition. Still the choice is yours.

[debtmonster]

I have no plans to take on new debt prior to a 341. I have two cars in my possession right at this very moment. I was reading somewhere on here that these people can snatch the cars 6 weeks after you file. Okay, so that's 1/2 way into a bankruptcy. What are you supposed to do with no cars and not enough to buy one for cash? That means you need to finance. And for those who have to drive to work, that means they have to quit their job until their bankruptcy is over. Then they will have to buy a car after discharge and go back to work. I don't think anyone wants to be without an income for a whole month. That would not be cool. Until the 14th, I had exactly $7.16 in my checking account. Isn't that music to your ears? You guys gotta be loving it! It's so much fun running your checking account into the ground and worry about how you will eat or put gas in the car. It turns a boring life into a creative one! OH WHAT JOY TO BE BROKE!

I have some ideas to make some money next year, but it will require a lot of sweat equity and some investment.

[LuciluS]

I have no plans to take on new debt prior to a 341. I have two cars in my possession right at this very moment. I was reading somewhere on here that these people can snatch the cars 6 weeks after you file. Okay, so that's 1/2 way into a bankruptcy. What are you supposed to do with no cars and not enough to buy one for cash? That means you need to finance. And for those who have to drive to work, that means they have to quit their job until their bankruptcy is over. Then they will have to buy a car after discharge and go back to work. I don't think anyone wants to be without an income for a whole month. That would not be cool. Until the 14th, I had exactly $7.16 in my checking account. Isn't that music to your ears? You guys gotta be loving it! It's so much fun running your checking account into the ground and worry about how you will eat or put gas in the car. It turns a boring life into a creative one! OH WHAT JOY TO BE BROKE!

I have some ideas to make some money next year, but it will require a lot of sweat equity and some investment.

Here's is a post you made this morning at 6:27 am:

Remember, I filed on July 31st. I will earn $12,000 in 3 months after that.

Your post in this thread says you are broke, but have some ideas to make money next year.

Then, you post in your on thread you will earn $12,000 in the 3 months after filing on 7/31/09. Your Posts are not consistent. Now, it leads me to believe your posts are not true.

[debtmonster]

Here's is a post you made this morning at 6:27 am:

Remember, I filed on July 31st. I will earn $12,000 in 3 months after that.

Your post in this thread says you are broke, but have some ideas to make money next year.

Then, you post in your on thread you will earn $12,000 in the 3 months after filing on 7/31/09. Your Posts are not consistent. Now, it leads me to believe your posts are not true.

Anyone making $4,000/mo. will make $12,000 in 3 months. This is a NORMAL income for a married couple in Florida.

That's not a lot of money. You people are crazy.